CandleFocus Coinbase’s cbBTC Launches on Solana DeFi, Targeting Bitcoin Gap Left by FTX
2024-11-13
Author: Content Editor
Coinbase has launched a new token called cbBTC on the Solana blockchain, aiming to reintroduce bitcoin-based trading to Solana's decentralized finance (DeFi) sector. The token allows users to transfer bitcoin between their Coinbase accounts and Solana wallets, filling the gap left by the collapse of FTX in 2022. Contributors in the Solana ecosystem are optimistic about cbBTC's success, especially as bitcoin prices surge. The token could increase BTC liquidity on Solana and benefit multiple DeFi protocols. The rollout includes $10 million in tokens, with some already circulating on platforms like Meteora, Orca, and Kamino. This move is part of Coinbase's broader strategy to offer cross-chain options for bitcoin-backed DeFi.
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